13 Mar 2023 17:13

SOCAR increases investment in Turkish Petkim petrochemical complex fourfold in 2022 to $215 mln

BAKU. March 13 (Interfax) - Investments in the development of the Turkish petrochemical complex Petkim Petrokimya Holding in 2022 reached 4.108 billion Turkish lira, or $214.6 million, the holding said.

SOCAR Turkey Enerji, the Turkish subsidiary of the State Oil Company of Azerbaijan, SOCAR, is the owner of a 51% controlling stake in the Petkim Petrokimya Holding petrochemical complex.

In 2021, investments in the optimization of the activities of the Petkim Petrokimya Holding complex had reached 1.088 million Turkish lira. Therefore, in 2022, investment increased 3.8 times. "During 2022, investments were made in the modernization of Petkim's factories, in particular, in the overall development of technologies, energy efficiency and environmental protection," the report says.

In 2022, Petkim produced 2.23 million tonnes of petrochemical products, a 32.2 % decrease; sales were 2.44 million tonnes, a 9.6% decrease, with a value of $3.017 billion, a 7.1% decrease.

"The decline in production and sales is associated with a two-month planned shutdown of Petkim enterprises for technical inspection starting September 7, 2022. For sales of Petkim products in 2022, the domestic market remained a priority; its share of sales was 52%, with 1,520 customers. In addition, sales abroad reached $1.449 billion, most of which was directed to European countries. At the same time, $899 million of exported products went to direct export, and $551 million to transit," the holding's materials say.

Sales volumes of Petkim commercial products in 2022 reached 1.164 million tonnes, an increase of 23%, with a value of $1.254 billion. In value terms, commercial sales accounted for 42% of the holding's total sales in 2022.

Petkim Petrokimya Holding was founded in 1965 and is the leading petrochemical complex in Turkey. It produces ethylene, polyethylene, polyvinyl chloride, polypropylene and other petrochemical products that are used to produce plastics, textiles and other consumer and industrial products. Petkim shares are listed on the Istanbul Stock Exchange.